puglogic
5-23-12, 11:12am
I received a letter yesterday from the large company that holds my home mortgage, letting us know they've filed for Chapter 11 reorganization.
http://www.washingtonpost.com/business/ally-financial-says-its-residential-mortgage-unit-seeks-chapter-11-bankruptcy-protection/2012/05/14/gIQAOCATOU_story.html
Really? Sigh. (I didn't choose these jokers - my loan was reassigned to them by another mortgage company)
This made me think, and worry. Has anyone ever had this happen? Does bankruptcy give them carte blanche to change the terms/interest rate on a mortgage loan? Not even sure where to research this, and I won't believe a word of what THEY tell me, so if anyone has any suggestions please let me know. Thanks.
http://www.washingtonpost.com/business/ally-financial-says-its-residential-mortgage-unit-seeks-chapter-11-bankruptcy-protection/2012/05/14/gIQAOCATOU_story.html
Really? Sigh. (I didn't choose these jokers - my loan was reassigned to them by another mortgage company)
This made me think, and worry. Has anyone ever had this happen? Does bankruptcy give them carte blanche to change the terms/interest rate on a mortgage loan? Not even sure where to research this, and I won't believe a word of what THEY tell me, so if anyone has any suggestions please let me know. Thanks.